ECON 4 Lecture Notes - Lecture 1: Capital Expenditure, Forensic Accounting, Internal Control
Document Summary
Bring 3x5 index card; will be used for attendance/participation points (5% of grade) Midterm (35%) and final (50%): multiple choice, scantron needed; open book--you can use the reader (aka take notes within the reader and annotate--do not insert or tape anything inside) Accounting: recording and processing commercial transactions to report business financial performance and financial position: internal control, financial reporting, auditing, tax-planning & filing, mis systems consulting, fraud & forensic accounting (litigation support) New words; old words w/ new meanings. Formulated as a system of simultaneous equations. What we own assets must have a source = Liabilities are what we owe to others. Equity is what we owe to ourselves. 16th century dutch, english, and especially italians like marco polo . Accounting for the use of money ( financial capital ) Firms need cash (to acquire assets), so they create financial capital.
